Price tag for new Seattle arena now around $700 million

SEATTLE (AP) — The cost of the extensive renovation to make Seattle’s KeyArena ready for a potential NHL team has risen to about $700 million.

The new price tag was presented as part of a Seattle City Council committee presentation Thursday.

When the memorandum of understanding was signed between the city and Oak View Group last December, the cost of the renovation was expected to be roughly $600 million.

OVG is privately financing the renovation in the hope the new building will attract an NHL expansion franchise. City officials working with OVG say the group will be able to handle the additional cost.

OVG is hoping to be able to start construction on the project in October with an ambitious timeline of having the building completed by October 2020.

The committee presentation showed a tentative timeline, with the last public event for the building scheduled for Oct. 5 when the Golden State Warriors and Sacramento Kings meet in a preseason NBA game. The building will then be handed over to OVG on Oct. 15.